sebi:Order/BD/MG/2020-21/9697
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Facts / Headnote
Adjudication proceedings disposed of without imposition of any monetary penalty
Provisions invoked
- s. 15A
- s. 15I
- s. 11C(3)
- s. 11C(2)
Parties
- Mr. Sandeep Shankar
Holding
The allegation of violation of Section 11C(2) and 11C(3) of the SEBI Act by the Noticee for non-compliance of Summons issued by the Investigating Authority was not established, and the adjudication proceedings were disposed of without any monetary penalty.
Full text
Page 2 of 6 provisions of Section 15A(a) for the violations of the provisions of Section 11C(3) of the SEBI Act. The appointment was communicated to the undersigned vide communique dated March 20, 2019.
Page 3 of 6 2019, filed his reply to the SCN wherein inter alia he made following submissions: a. Sai Prakash Properties Development Ltd. (SPPL) was incorporated on 03-12-2009 and it commenced business from 09-12-2009. Though the Noticee was appointed among the first directors of the company, during his tenure of 5 months i.e. till 22.04.2010, he was not involved in any of the money collection related matters. On the date of his resignation, his shares were transferred to the CMD Pushpendra Singh Baghel. b. He was issued a no-liability certificate with effect from the date of his resignation. c. That he was not involved in the money mobilizing activity. d. That he has not any documents pertaining to the company with him. e. That he has replied to all the communications of SEBI. f. That he was indulged in any fraudulent activity in the Company and nothing was found against him by the CBI and Police
Page 4 of 6 8. Before moving forward, it is appropriate to refer to the relevant provisions of the SEBI Act: Investigation. 11C (1) …. (2) ……… (3) The Investigating Authority may require any intermediary or any person associated with securities market in any manner to furnish such information to, or produce such books, or registers, or other documents, or record before him or any person authorised by it in this behalf as it may consider necessary if the furnishing of such information or the production of such books, or registers, or other documents, or record is relevant or necessary for the purposes of its investigation.
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Source: SecMarx — sebi:Order/BD/MG/2020-21/9697. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.